Aegean Airlines to become majority owner of Volotea under restructuring plan

Aegean Airlines is set to become the majority owner of Spanish low-cost carrier Volotea as part of a restructuring plan. Loans extended to the airline will be converted into equity, turning the Greek carrier from a financial investor into its largest shareholder.

Aegean first bought into Volotea two years ago, taking 13 percent of the Spanish budget airline. Last March it raised that holding a second time, to more than 20 percent. By then the Star Alliance member had invested 37 million euros in the carrier.

At the time, management stressed that the aim was not to build a group. Commercial chief Roland Jaggi said the two airlines remained competitors, with no shared booking systems, no network coordination and no price agreements, and that this would not change. He described Volotea as an investment opportunity and said a stock market listing would be an interesting step for Aegean as a shareholder.

The investment did not go as hoped. Volotea ran into financial difficulty. Trading in 2025 was still solid, with revenue of 818 million euros and an operating profit of 47.4 million euros, and management expected 2026 to be its best year yet.

That changed. The war with Iran sent the kerosene price soaring, and the airline now expects an operating loss for 2026.